Has anyone heard of this company???

[momof3boys]

Hey all, I was wondering if anyone has heard of NACA (Neighborhood Assistance Corporation Of America)??? They say that they have a home save program to get you out of a high cost loan, predatory loan, offer counseling, etc. I filled out the mortgage questionairre, and now will have to attend a seminar. The seminar is 4 hours long, and I don't want to have to pay a sitter if this winds up to be a bogus company, etc. Here is their website, any info that anyone could offer would be greatly appreciated.

https://www.naca.com/index_main.jsp

[Moe Bedard]

They are definitely for real and a legit company. I have heard that they are just overwhelmed with requetsts and half the people can't qualify or they end up on a waiting list for months. I have heard of people paying the money and not heariing anything.

I have not confirmed these reports and have tried to email NACA but they have been uncooperative to my requests.

[momof3boys]

Paying money???? I was under the impression that their workshop that you are required to go thru is free. Is there something that I am missing??? I am just trying to get as many irons in the fire as humanely possible. I have an appointment with New Jersey citizen action on Friday. They try to help you refi (which our credit is destroyed, so I already know that is a waste), and if they can't do that they try to help you negotiate with your lender.

[Moe Bedard]

I believe it's $35. Not a lot, but a lot when you don't have a lot. I think your best bet is with the non-profit. Let them handle this but also communicate regularly with them and keep your eyes and ears open.

[evel1999]

I appllied for NACA back in July 2007 because they were letting everyone in these subprime loans know that they were getting funds to refinance some of these sub-prime loans at a great rate of about 5.5%. You filled out the form and faxed all the information over to them, and then you were to sign up for the workshop. After you attended the workshop, they were to hook you up with a mortgage co that was approved and working with NACA to do these loans.

I would like to know that some have attended the workshop and got great loans and the help they needed.

I never completed the workshop as after I read all the requirements they listed, I felt my home would not qualify.

They stated they had to make a home inspection and all repairs that they found had to be repaired. My home needs a few repairs and I did not feel like I could meet their requirements for the loan. Also it stated that you are required to pay a fee each month after the loan funds to their orig NACA for a certain period. I just felt with all of the requirements and restrictions it would be hard for me to be able to do all that was required so I did not go to the workshop. Don't know what the credit requirements or what their situation is on home value. As a lot of these sub-primes are over appraised and can't meet LTV.

They may supply grants for the repairs on the home, don't know about that, but repairs can be expensive. Will have to reasearch more on that part.

I sent them an email after that and told them I could not meet the requirements for their loan program, and they emailed me back and said they could help me work with my mortgage co for a loan modification. They said they would be contacting me for that but I have never heard from them since. I am sure they are snowed under with refinancing at 5.5% loans.

It would be good to know that they have refinanced a lot of homeowners at a great rate of 5.5%. It would sure help a lot of people.

Someone else posted on this site and seems they went to the workshop.
Don't know if they were helped.

[luvmyhouse]

I'm a little late replying so I'm not sure if this will still be of help. However, my husband and I live in the Boston area. We enrolled in the NACA homesave program. We attended their workshop which was really a waste of time. I'm not sure why they require attendance. I left there with no more knowledge than I walked in with. The facilitator spent more time talking about his situation than anything else. After the workshop completion, we were required to fill out some forms and then we later met with a consultant. At that meeting we paid a membership fee which included the cost for pulling our credit reports. At the intake session, the rep took a bunch of financial information from us. I asked him what the success rate was for them. Because I hadn't heard of anyone who had successfully refinanced with them. He told me that they had a huge backup in the underwriting area and that their main priority was helping those who were facing imminent foreclosure. I walked out of there not feeling any more hopeful. I haven't called them for a status though. But, based on the feedback I got from the rep there, I know it will take a long time if it ever happens. But, I will let the forum know, if we have any success.

[Moe Bedard]

I keep hearing this same thing from everyone that has been in contact with NACA. I had a regular community member post this on my blog just now. If they are so backed up, how are they going to handle Countywide's mess? What was the fee?

Thanks for the update.

from my blog:

I don't if any if you are familiar with NACA they are a nonprofit organization based in my state, Mass. The CEO Bruce Mark met with Countrywide today in Washington DC as they have partner to modify and restructure loans I was able to watch the video live. I think everyone who has a loan with Countrywide need to contact www.naca.com. They have offices in 33 state right now and from what I watched today they have now stepped up to the plate to help out borrowers. After watching this I hope more lenders will step up. Please go to the website and read the articles.!!!!!!. The video will probably be on their website tomorrow.

[MRCHASE]

Good company and a real company, but unfortuneatly, too many people at the well to get water. Go to the seminar, but dont sit around and wait for them. Use the information here on this site, (the best one on the net) and get proactive. ANd im not talking about the acne meds. CHEck your credit first and foremost and get your documents on your loan in order. Take the out of the trunk you put them in and read over them. See when things adjust and by how much. GO to Google and get a free Mortgage calculator, download it and do the math. Get yourself in order.

Good luck and let me know if you need any thing answered specific on this site., just post it up.

[leap4juls]

I too joined this orginization, I applied for CRF, consumer releif fund, but have not heard anything. It has been a while. Did you end up going? If so how was it.

[leap4juls]

I'm sorry MOMof 3 BOYS, I just realized this is a different group. I am thinking of National Association of Consumer Advocates. NACA.net and NCRC.org National Community Reinvestment Coalition, this is the one that has the Consumer Rescue Fund Helping people who need financial help to save their home. check both of these sights out. Everyone. They are 2 good sites.
Moe may know these sites, and maybe you do too, but I only just came to this site. It is worth your while to take a look. Very resourceful.
Juli

[Moe Bedard]

All of these sites mention are great and are consumer advocates. They all have a wealth of information on them.

[Theresa]

I have heard of NACA. They will work with you on the phone. It is harder and more time consuming. I am involved with them now. They are good group. Short staffed and just completely swamped. Contact them.

They are a good group and if you get a good counselor, you are in good hands. That is the same with HOPE and with ACORN...the trick is in who you are assigned...

We are all swamped and all overwhelmed, it is just a huge mess and one that is going to just get bigger.